For example , a great relationship with a property broker may result in access to insider pocket listings unavailable on the MLS .
Go with what you know ! Try to stay away from projects outside your niche as this can become time consuming and bring on unnecessary risk .
Settings Goals
Great real estate investors set short and long term goals . For instance , a long term goal might be turning over 1 fix and flip every month or earning $ 200K profit per year . A short term goal might be going to the gym every 2 days for a month .
Humans thrive with goals , having a target to aim for will help you orientate yourself towards a brighter future and help you avoid complacency .
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Go to School
Getting higher education is a valuable tool . Becoming more knowledgeable could open up various job opportunities throughout the real estate industry .
People with degrees often get promoted and have higher incomes than those without .
According to APLU . org , high school grads earn 62 % of what a college graduate earns .
Diversify
Rule No . 1 : Never lose money . Rule No . 2 : Never forget rule No . 1 .
Warren Buffet
The number one rule of investing is preservation of capital . The easiest way to achieve this is through diversification .
Don ' t put all your eggs in one basket and consider partnerships if necessary to diversify into multiple projects . This will balance out your portfolio in the case one of your assets is underperforming .
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Persevere Through Down Markets
Real estate markets , like all markets , are cyclical . Like a surfer , learn to ride the highs as well as the lows . Position yourself to withstand an unexpected downturn in the real estate market as it is inevitable . And don ' t be discouraged if you have a few bad years , stay positive and find ways to persevere .
Patience
Patience is a virtue . Real estate markets have been around for eons and will always be cyclical .
What is valuable today is worthless tomorrow . Avoid buying at the top of the market , and try getting into upandcoming neighborhoods , or buying when you think a recession is at the bottom .
Therefore , don ' t chase deals . Have cash reserves ready for a drop in the market , in order to capitalize on bargain deals .
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